Changes in the Finance Bill 2016 as passed by the Lok Sabha

On May 5, 2016, the Lok Sabha passed the Finance Bill. The Bill which was presented originally in the Lok Sabha on February 29, 2016 has not been passed in its original shape. Various changes have been  made in the Bill. New amendments have been proposed. Some earlier proposed amendments have been removed, so on and so forth. A snippet of all...

FAQs on CORPORATE SOCIAL RESPONSIBILITY

SL. No. FAQs 1. Whether CSR provisions of the Companies Act, 2013 is applicable to all companies? CSR provisions of the Companies Act 2013 is applicable to every company registered under the Companies Act 2013 and any other previous Companies law having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a...

CBEC: Implementation of e-payment of refund: General guidelines

Presently, most of the field formations follow the manual handing over/ dispatch of cheques for payment of refund/rebate. Consequent to the sanction of refund/ rebate claims by the competent authority, cheques are being issued and the same are sent by either registered post or handed over to authorized persons. The present procedure entails paper work, manpower deployment by the claimants and delay...

Payment of PF contribution by the employers by 15th of the following month – Removing of grace period of 5 days

  As per paragraph 38(1) of the EPF Scheme, 1952, paragraph 3 of EPS, 1995 and paragraph 8(1) of EDLI Scheme, 1976, the employers are required to pay the contributions and administrative charges within fifteen days of close of every month. The employer, as per para 5.1.3 of Manual of Accounting Procedure(Part-I General), is also allowed a grace period of 5 days...